FASB Issues Crypto ED

FASB Issues Crypto ED

The Financial Accounting Standards Board (FASB) has issued an exposure draft to address feedback from users, preparers and auditors that crypto currency disclosures needed attention. The proposal would require entities to measure crypto assets at fair value (with adjustments flowing through net income). It would also add disclosures around significant holdings, restrictions, and changes in those holdings. Comments are due June 6!

FAF Rolls Out Free Access to Codification & GARS

FAF Rolls Out Free Access to Codification & GARS

GLS is very excited about the recent roll out by the Financial Accounting Foundation (FAF) of its free (and enhanced) access to the FASB Codification and the GASB’s Governmental Accounting Research System. This makes accessing and researching accounting more accessible especially for smaller entities to comply with the standards. The fact that it is free will help reduce barriers to entities following GAAP. We are excited to see the impact this change will have on smaller organizations!

FASB Affirms Changes to Leases (Topic 842)

FASB Affirms Changes to Leases (Topic 842)

On February 15, 2023 FASB affirmed the proposed changes to Topic 842, Leases for related parties under common control. The Board unanimously affirmed a practical expedient for private entities & nonprofits without conduit debt under common control arrangements to allow these entities to use the written terms and conditions of their leases to apply Topic 842. FASB also affirmed a change to the amortization of leasehold improvements for all common control entities including public entities. Leasehold improvements between entities under common control will amortize improvements over the useful life of the leasehold improvement as long as the lessee controls the use of the underlying asset through the lease. The final Update will be effective fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The FASB indicated that the new ASU is expected to be issued by the end March.

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